Audit of financial results and its tasks

Audit, as such, can be represented in the form of accounting, carried out from the outside. The object of the audit is the same, only the functions of this type of activity are formed differently. It is intended to audit financial results for control of record keeping in accordance with established rules and norms, has the task of identifying errors, eliminating them and consulting with responsible persons to improve the quality of their work.

Information, as is known, plays the role of the direct factor of production, the efficiency of the work of any enterprise or company largely depends on its quality and accuracy. Such information has the property of transorbidity - that is, it is necessary for virtually all participants in the economic process, but everyone who needs it uses its specific element for its specific purposes.

As part of the economic process, the main source of such independent information can be the audit of financial results. International standards approve the audit as an independent check, while emphasizing that objects of audit can be objects regardless of whether they bring their owner any profit or not. According to international standards, an audit can be conducted to express an opinion. Thus, the audit category of financial results is much broader in content than the concept of audit, because it includes such functions as examination of accounting documents, development of proposals for improving records management, professional consulting for accountants.

The overall objective pursued by the audit of the company's financial results is the study of the compliance of record keeping with the enterprise with established rules and regulations. Its object in this case is the entire financial and economic work of the organization or enterprise. As a rule, types of audit are classified into external and internal. External audit of financial results is independent, this means that it is not responsible to the controlled enterprise, but to its consumers, providing them with reliable information about the state of the enterprise or organization. The external audit is conducted, as a rule, in the interests and on the initiative of the owner of the enterprise.

At the same time, financial control acts here as a specific branch of control as such. Its binding follows objectively from the very nature of finance, which presupposes the presence of a control function. Financial control, including in the form of an audit, is conducted in accordance with the procedure established by law and special bodies authorized to do so.

As already noted, the main objective pursued by the audit of accounting for financial results is to verify and establish the reliability of accounting information at the enterprise and its compliance with regulatory acts of the state that regulate activities in this area. From the content of the category itself it follows objectively that the main subject of audit in this particular case is information concerning the issue of the origin of the profit and losses of the enterprise.

The general objectives of the audit in this context are as follows:

- checking the completeness of the information showing the results of the economic activity of the enterprise or organization;

- determination of the belonging of the information shown and reflected in the documentation;

- study of the correctness of the valuation for all positions and accounting standards;

- Establishment of compliance of data on financial results of the accounting policy conducted by the enterprise;

- checking the classification of income and expenses;

- Establishment of the legality of the procedures applied for processing transactions and reconciling data, which are reflected in the records;

- establishing the reliability of the reflection of the results of financial activities;

- checking compliance with the established norms and rules for the correctness of the establishment of the company's net profit;

- checking the completeness and timeliness of payments to the budget.

The final procedure, which involves the audit of financial results, should be the opinion of the auditor, which directly assesses the acceptability, validity, correctness and completeness of the information provided.